Auto major Tata Motors Thursday launched ten low-priced truck models under the 'Prima' brand, as the company looks to tap the high volume multiaxle segment in the country.
The new range, Prima LX, is around 20 percent cheaper than the Prima range of trucks, which were launched by Tata Motors in 2009.
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"This range (Prima LX) will take us to high volume multiaxle truck segment which constitute nearly 65 percent of the total trucks sold in the country," Tata Motors executive director-Commercial Vehicles Ravi Pisharody told reporters here.
The new range, which includes six heavy trucks for haulage segment and four for the construction purposes, is around 20 per cheaper than the existing Prima range, he added.
In 2011-12, the market for multiaxle trucks in India stood at around 2 lakh units, Pisharody said.
The Prima LX range is priced between Rs 18.5 lakh to Rs 32.5 lakh. The company sells Prima range of trucks between Rs 23 lakh and Rs 65 lakh.
"The range has been priced just about 5 percent more than than our conventional trucks. With its advanced features, it is a great value for money to customers," Pisharody said.
The conventional trucks of the company are priced between Rs 22-35 lakh, depending on the application.
The company has introduced the range at a time when the commercial vehicle sector is going through a prolonged slump.
Total sales of commercial vehicles were down by 25.53 percent to 46,757 units in 2013 from 62,786 units in 2012.
"The Prima LX trucks are geared to help customers meet a challenging market environment, allowing transporters to upgrade to a more modern trucking system," Pisharody said.
Tata Motors expects new models to increase its market share, which is around 65 percent in the medium and heavy truck segment.
"We have been maintaining a steady market share of around 64-67 percent in the medium and heavy duty trucks. With the addition of this range we believe our share will improve further," Pisharody said.
In the next three years, the LX range will contribute 10-15 percent of the company's truck business, he added.
With the addition of ten models, the Prima range now consists of 40 models. Tata Motors rolls out the range from its Jamshedpur plant.
Tata Motors stock price
On March 06, 2014, Tata Motors closed at Rs 407.95, down Rs 1.85, or 0.45 percent. The 52-week high of the share was Rs 420.30 and the 52-week low was Rs 252.10.
The company's trailing 12-month (TTM) EPS was at Rs 2.61 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 156.3. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company is 6.86.
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